Answer:
The price level is A) Above equilibrium.
Explanation:
Normally, every economist believe that a lower price attracts a higher demand. This is so when the behaviour of consumers are measured when choosing a product. Many consumers go for a low priced product or cheaper product over a high priced product or expensive product irrespective of quality, taste or satisfaction derived from consuming them.
Price relating to market or in terms of quantity demanded and quantity supplied is referred to as equilibrium price or equilibrium quantity. When the market price is below equilibrium, quantity supplied of a product will be less than the quantity demanded for it because the price of goods are cheaper. But when price is above equilibrium, quantity supplied will be greater than quantity demanded because the price of goods is high.
Answer:
1) True
2) D. Total fixed costs
Explanation:
1) The manager's evaluation should be based on a flexible budget, so the statement is true.
The standard quantity of direct materials used should be based on actual production for a correct variance analysis.
2
) Total fixed costs remains the same when comparing a flexible budget to a master budget.
Total fixed costs do not change in total within relevant range of production.
Answer:
$7,200
Explanation:
The computation of the total manufacturing overhead assigned is shown below:
= ($168,640 + $127,840 + $554,400 + $1,078,000) ÷ $514,368
= 375% per direct-labor dollar.
Now
= $514,368 ÷ 8,037
= $64 per DL hour.
And,
= $64 × 30 direct labor hours
= $1920.
So,
Manufacturing overhead is
= 1920 × 375%
= $7,200
Answer:
Wages would fall due to an increase in labor costs.
When the workers compensation laws were not there, the employers only had to worry about one labor cost, that of paying their employees. With the introduction of worker's compensation, they then had to get insurance for their employees as well.
This led to an increase in the costs of labor which meant an increase in production costs and a decrease in profitability. To compensate for this, the employers cut wages in order to be able to pay for both the insurance and wages and still pay the same general amounts they were paying as wages such that their production costs don't rise significantly.
Pair of footwear costs $15 to supply and sells for $70.A shoe organization sells 5455 gadget pairs of shoes.
The costs function refers back to the useful dating between cost and output. It studies the behavior of price at distinctive ranges of output while generation is assumed to be steady. it may be expressed as under C= f(Q) (here, C= price of production; and Q= Quantum of output).
The Costs function measures the minimal value of producing a given degree of output for some fixed element costs. The fee feature describes the economic opportunities of a company. type of quick-run price features: average (total) fees. average constant charges.
A price feature is a characteristic of input expenses and output quantity whose cost is the price of making that output given the ones enter prices, often carried out via using the cost curve with the aid of agencies to reduce fees and maximize manufacturing performance.
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